Barclays strategy to tap bottom of pyramid unlike peers

Sensing a huge potential in the mass segment, foreign banking major Barclays Bank will soon launch a banking product aimed at the unbanked and under-banked segment in the country.

Unlike its other foreign peers which entered the Indian market by tapping high networth clients, Barclays, a late entrant, believes there is a fortune to be made at the bottom of the pyramid.

“There is a huge latent demand in the segment as a large number of people, like taxi drivers and clerical staff, remain unbanked or under-banked. We are looking at launching a banking product for this segment,” Barclays’ Head of Retail Suresh Gurumani said.